The price is below replacement cost for the 28-year-old, 223,000 sf property which is 88% leased, area brokers familiar with the submarket tell GlobeSt.com. The national Parts Depot chain anchors the park and occupies 50% of the property.
Brad Luger and Larry Randolph in the Tampa office of Advantis Real Estate Services Co./GVA represented the seller.
While older, well-maintained, strongly leased warehouses acquired for below replacement cost remain a good investment in Central Florida, industry analysts such as George D. Livingston Jr. of Realvest Partners Inc., Maitland, FL, contend newer product shortly will leave pre-1970 structures behind in the race to capture national clients.
Livingston tells GlobeSt.com a new trend coming in the industrial real estate market is the development of super-sized warehouses where cubic feet will replace square feet as the standard measuring pole for most warehouses.
Livingston says 500,000 sf to one million-sf distribution centers will be commonplace shortly. Ceiling heights in new product will be 34 feet to 36 feet, up from 24 feet to 30 feet in most existing properties in Tampa and Orlando.
New technology will usher in more super-flat floors, custom racking, scanners, pick systems and broadband access. Truck courts will run 130 feet to 140 feet deep as trucks continue to be the preferred transportation mode by most manufacturers, Livingston tells GlobeSt.com.
Livingston is the Central Florida chapter president of the National Association of Industrial and Office Properties.
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